US: Nasdaq on correction course as Nvidia slumps

WALL Street’s main indexes fell on Tuesday (Mar 4), with the Nasdaq Composite index dropping more than 10 per cent from its all-time high, as chipmaker Nvidia extended its recent slump on concerns about AI spending, while worries of a global trade war also weighed.

The tech-heavy index dropped over 1 per cent to 18,125.54 points, a drop of more than 10 per cent from its recent closing high of 20,173.89 hit on December 16. If it closes 10 per cent or more below this level, it would confirm a correction based on a widely used definition.

At 09:38 am ET, the Dow Jones Industrial Average fell 394.50 points, or 0.91 per cent, to 42,796.74, the S&P 500 lost 40.78 points, or 0.70 per cent, to 5,808.94 and the Nasdaq Composite lost 86.90 points, or 0.47 per cent, to 18,263.29. REUTERS